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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
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Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
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KNOWLEDGE TO ELEVATE
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Wednesday, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in ...
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- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
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